Initial Situation
At the time the petition was filed, the debtor did not have any operating business. Business operations had been suspended. The highest conceivable quota forecast for creditors at that time was about 3 percent.
The Insolvency Proceedings
Practically speaking, the debtor was insolvent years before the petition was filed. In any case, it reported a net loss that was not covered by equity as early as 2002. The accumulated deficit increased over the following financial statements. This situation was a reason to assert a claim against the tax advisor who had prepared the balance sheets. The claim was not successful until the appeal stage (reversal of the decision and referral back to the lower court; BGH of January 26, 2017 — IX ZR 285/14 — BGHZ 213, 374 et seqq.) In its ruling, the Federal Court of Justice revised its previous decisions on tax advisor liability and in part abandoned its previous position.
The Result
The creditors will receive a quota of approximately 16 percent.
